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EIOPA calls for the development of a cyber resilience framework for the insurance sector

The European Insurance and Occupational Pensions Authority (EIOPA) has published a report looking at ‘Cyber Risk for Insurers – Challenges and Opportunities’, which calls for a cyber resilience framework for insurers.

The increasing frequency and sophistication of cyber attacks, the fast digital transformation and the increased use of big data and cloud computing make insurers increasingly susceptible to cyber threats, in particular considering the amount of confidential policyholder information insurers are possessing. On the other hand, the digital economy and the advance of technology offer opportunities to cyber underwriters.

‘Cyber Risk for Insurers – Challenges and Opportunities’ analysed cyber risk from both angles based on responses from 41 large (re)insurance groups across 12 European countries with the aim to further enhance the level of understanding of cyber risk for the European insurance sector.
The findings confirm the need for a cyber resilience framework for insurers and identified the key challenges faced by the cyber underwriters.

In particular, the report says that a clear, comprehensive and common requirements on the governance of cyber security as part of operational resilience would help ensure the safe provision of insurance services. This would include a consistent set of definitions and terminology on cyber risks to enable a more structured and focused dialogue between the industry, supervisors and policymakers, which could further enhance the cyber resilience of the insurance sector. Ultimately, further actions to strengthen the resilience of the insurance sector against cyber vulnerabilities are essential, considering the dynamic nature of cyber threats.

Read the report (PDF).

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